Utilities Data Startup IDenteq Secures £700K from MEIF and Future Planet Capital Regional
This article covers the 4 September 2025 follow-on investment for IDenteq, a West Midlands-based data services company transforming how utility firms manage customer data, founded by Ben Reed and Andrew McKinney, which raised £700,000 from the Midlands Engine Investment Fund (MEIF) via the MEIF West Midlands Equity Fund I, managed by Future Planet Capital Regional.
What does IDenteq do?
The company offers a premium SaaS product for credit risk assessment and a specialist managed service for address cleansing and occupier validation for utility companies.
Why is IDenteq useful?
IDenteq, addresses revenue loss and fraud in the utilities sector by improving customer data management through credit risk assessment and occupier validation.
How much did IDenteq raise?
IDenteq raised £700,000 in a follow-on equity investment from the Midlands Engine Investment Fund (MEIF) via the MEIF West Midlands Equity Fund I, managed by Future Planet Capital Regional. The funding will support launch of a premium SaaS credit-risk product, a specialist address-cleansing and occupier-validation managed service, and hires across product, sales and marketing.
Who invested in IDenteq?
Key investors include:
- Midlands Engine Investment Fund (MEIF): A regional fund supporting growth-focused businesses across the Midlands.
- Future Planet Capital Regional, manager of the MEIF West Midlands Equity Fund, is recognised for backing early-stage technology and sustainability-focused ventures across the UK.
If you're researching potential backers in this space:
- Explore our list of data venture capital firms in the UK
- Browse our directory of data angel investors in the UK
Who founded IDenteq?
The founders of IDenteq are Ben Reed and Andrew McKinney (CEO at IDenteq).
Where is IDenteq based?
IDenteq is based in the West Midlands, UK.
What sector is IDenteq in?
IDenteq operates in the utilities and data services industry. This sector matters now because utilities are undergoing rapid digital transformation, and accurate customer data is critical to reduce revenue loss and combat fraud. Regulatory and commercial pressure is increasing demand for better data-driven customer management.
Key trends and challenges are clear. Adoption of cloud-based SaaS for customer analytics is accelerating. Data quality and address-validation are high priorities to prevent billing errors. Compliance and fraud-prevention require tighter identity and occupier checks. Quick examples:
- Premium SaaS for credit risk scoring improves collections and lowers bad debt.
- Managed address-cleansing services reduce service failures and leakage.
The immediate funding signal is modest but meaningful at **£700,000**. The UK opportunity for specialised utilities customer-data and validation services is on the order of **£100–£300 million**, with related global utility analytics markets commonly projected to grow at around **double-digit CAGRs** (for example, ~**14%**).
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